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When poor Michel Pireu     | Business Day Thursday, November 22, 2018
From free.vice.com: Why most money advice is worthless when youíre poor.

ďTrying to align with the standard expectation of how to interact with your money when youíre low income,Ē says Linda Tirado, who wrote Hand to Mouth: Living in Bootstrap America, ďis useless: You are adapting to your circumstances, thinking in the short term. It would be maladaptive for a low wage worker to set even middle class financial goals. It doesnít make sense to maintain a savings account if you canít pay your rent Ö if youíre working low wages, the whole concept of saving and investing goes away because you donít have the luxury of that long term; itís hypothetical.Ē

You ask yourself: how come Iím working all the time, my body is breaking down, Iíve cut and tightened every way I can think of, and I still canít manage to make rent? Itís at this point that poor person brain says: If Iím still going to struggle whether or not I buy a bag of chips, I might as well buy the chips.

As Tirado puts it, ďthereís no reason to put anything off for the long term if there is no long term that will be better than today.Ē

So buy the chips. The immediate necessity for psychological survival negates the bogus narrative that you just have to work harder, and itíll get better when you know it wonít.

Being poor is like having cancer: You canít bootstrap your way out of having cancer. You can seek medical assistance to fight it. You can seek spiritual guidance to power through it. But ultimately, you have still had cancer, thereís no guarantee it wonít come back, and your efforts to fight through it have permanently altered your genetic code and brain structure.

Most financial advice is for middle class people who make bad choices.
 
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